Identify and invest in companies with the potential to set a new standard for the aerospace, energy transition, and travel industries.

Our investment team

Professional photo of Andrew Chang
Andrew Chang
Managing Partner
Andrew is Head of UAV and leads Corporate Development for United. Embracing United’s “change the unchangeable” philosophy, UAV strives to “think the unthinkable” in evaluating opportunities for richer customer engagement, improved operational efficiency and differentiated services to a brand loyal customer base. Prior to joining United, Andrew was an investment banker at Lazard for 15 years advising airline and energy clients on evaluating strategic alternatives, including transaction execution for M&A, restructuring and capital raises. Andrew started his career at Credit Suisse as an Analyst after graduating with a Bachelor of Science in Economics and Managerial Studies from Rice University.
Mukul Hariharan
Managing Partner
Mukul is a Managing Partner of UAV and leads the UAV Sustainable Flight Fund. Prior to joining United in 2023, Mukul spent a decade in investment banking focused on M&A, capital markets and restructuring at JPMorgan, Moelis & Company and Houlihan Lokey and 6 years as an investor at Carlson Capital focused on capital structure arbitrage, special situations, and distressed credit. Mukul has a Bachelor of Science in Aerospace Engineering from the University of Texas and began his career as a commercial airline pilot for US Airways Express and Aloha Island Air.
sam coleman headshot
Sam Coleman
Head of Communications and Investor Relations
Sam is Director of Communications and Investor Relations for UAV. Previously, Sam spent a decade working in various political roles across the country and in Washington D.C.
A. Ruffer Headshot (2)
Ari Ruffer
Managing Counsel
Ari is Managing Counsel at United where he advises UAV and United’s Corporate Development group. Prior to joining United Airlines, he worked at Bird Global, where he advised the company on corporate and commercial matters. Ari started his career at Cravath, Swaine & Moore LLP, where he advised clients on mergers and acquisitions, debt financings and general corporate matters. Ari received a B.A. in Public Policy from Duke University and a J.D. from Columbia Law School.
Professional photo of Andrew Shen
Andrew Shen
Principal
Andrew is a Principal at UAV and a founding member of the UAV Sustainable Flight Fund team. At UAV, he focuses on investments at the intersection of startup innovation and United’s operational needs as well deploying capital into lower carbon technologies. Previously at United, Andrew worked in Corporate Development and Financial Planning & Analysis, driving business case development for initiatives including regional airline acquisitions, commercial strategy, and airport infrastructure. Prior to United, he spent over a decade at McMaster-Carr, where he led operations, logistics and supply chain teams. He holds an MBA from the University of Chicago Booth School of Business and a BA from Carleton College.
Professional photo of Ed Espiritu
Ed Espiritu
Principal
Edward is a Principal at UAV having led the group’s transactions in Archer Aviation, Heart Aerospace, ZeroAvia, Eve Air Mobility, EP-Systems and Clear. In addition to UAV, Edward also is part of the United’s Corporate Development group, where he led the acquisition of the Aviate flight training school. He has been with United since 2014, starting his career with the airline in Finance and has supported numerous operational groups and enterprise-wide initiatives before moving into Corporate Development and ultimately UAV. Edward earned his Master of Business Administration degree from the Cornell Johnson Graduate School of Management and his Bachelor of Science in finance from the University of Illinois Urbana-Champaign.
Stan Tran headshot
Stan Tran
Principal
Stan is a Principal at UAV where his primary responsibilities include the development of Advanced Air Mobility operating concepts, and evaluation of venture investment opportunities in the airframe and airline technology sectors. Stan also focuses on Corporate Development initiatives for United Airlines. Previously, he worked on United’s international route planning team where he was responsible for capacity strategy and new route launches in the transatlantic geography. Prior to joining United in 2019, Stan spent 7 years on Wall Street, which includes experience as a high yield debt analyst for New York Life’s investment management subsidiary covering the aerospace & defense and airline sectors and leveraged finance at Credit Suisse. Stan received a Bachelor of Science in Business Administration from Boston University with a minor in Political Science.
Professional photo of Zain Athar
Zain Athar
Senior Associate
Zain is a Senior Associate at UAV, where he focuses on Technology and Aerospace investments. Previously, he worked in Transportation Investment Banking at Morgan Stanley in New York, covering the aviation, logistics, and travel sectors. Before Morgan Stanley, he worked at Reneo, a Seed-stage Real Estate asset transformation startup in Hamburg, Germany. He earned his B.A at Columbia University in Economics-Mathematics, with a Minor in German Literature.
Professional photo of Chris Heritsch
Scott Heritsch
Lead Technical Advisor and Flight Test Captain
Scott is a United Airlines test pilot, where he flies all six aircraft types.  With his aerospace and engineering experience and knowledge, Scott leads technical due diligence for UAV, particularly for advanced aviation investment opportunities, including airframe and engine designs, OEMs and alternative propulsion. As a Colonel in the U.S. Air Force, Scott retired in 2017 after a career as an experimental test pilot where he flew over 50 aircraft types in combat, test, and commercial roles, with prior leadership positions at the Pentagon and DARPA focused on autonomy and AI.
He holds a bachelor's and master's degrees in electrical engineering and a master's in National Strategy and is a Distinguished Graduate of the U.S. Air Force Test Pilot School.
Professional photo of Nancy Jia
Nancy Jia
Senior Associate
Nancy is a Senior Associate at UAV, where she focuses on Technology and Aerospace investments. Previously, she worked in the Technology & Communications Investment Banking group at Citi, covering sectors including e-commerce, travel tech, and telecom. She holds a B.A. in Economics and Music, with a Minor in Statistics, from the University of Chicago.
Professional photo of Nicholas Linton
Nicholas Linton
Senior Associate
Nick is a Senior Associate on UAV Sustainable Flight Fund, where he helps execute all aspects of the fund’s investment activities. Previously, he worked in energy investment banking at Houlihan Lokey, advising on restructurings, M&A, and capital raises. Nick holds a Bachelor of Commerce in Finance from McGill University.
Professional photo of Jay Roberts
Jay Roberts
Senior Associate
Jay is a Senior Associate at UAV, where he focuses on Technology and Aerospace investments. Prior to joining UAV, he held Financial Planning & Analysis roles at United, supporting United’s Digital Technology portfolio. He began his career in the nonprofit sector, working on smart transportation and conservation initiatives. Jay holds a B.Sc. in Biological Anthropology from the University of Toronto and an MBA from Cornell University.
Professional photo of Chris Sipos
Chris Sipos
Senior Associate
Chris has spent over a decade in various manufacturing and business roles, spanning the chemicals, industrial biology, and nutrition industries at both Fortune 500s and start-ups. He began his career at DuPont as process engineer, eventually transitioning into product management. After business school he joined Nature’s Fynd, an alternative protein startup, where he focused on technology scaleup and commercial development. He has a BS in Chemical Engineering from Rowan University, MS in Biochemical Engineering from Villanova, and an MBA from the University of Chicago.
Professional photo of Sam Ramil
Sam Ramil
Senior Associate
Sam is a Senior Associate at UAV, where he focuses on Technology and Aerospace investments. Previously, he worked in Technology Investment Banking at Stifel, covering networking, data storage, and IoT, and as a Communications Officer in the U.S. Marine Corps, where he oversaw planning, maintenance, and security of radio and data networks. He earned his MBA at the University of Chicago Booth School of Business and his BBA at the University of Hawaii at Manoa.